Worried about energy prices going up? This article has some handy information to help you find out which suppliers can offer you the best rates.
You would have to have been living under a rock over the last few months to have avoided the constant scary headlines about the ‘energy crisis’. 28 energy companies have gone bust and all kinds of other repercussions have been made.
It’s complicated, but what it means for consumers is that the Ofgem energy price cap has now been increased to £1,277 a year, it’s highest ever amount, and it could go up by another 50% in April. This means that the average energy bill could reach £2,000 a year, which is quite frankly, terrifying for many people.
The good news is that there are many actions that you can take to try and protect yourself from being heavily impacted by these changes.
One way is to save energy as much as you can, which you can find out more about here.
Another way is to avoid sitting tight with your current provider and instead aim to go with the cheapest energy supplier available to you at this time. You can compare energy prices on lots of different websites, but as a great starting point we have a list of the cheapest tariffs available for you to consider below.
Please be aware that the figures are relevant at the time of this article being written, but this is a constantly changing situation and your personal circumstances, location and needs also influence which tariffs and providers are suitable for you.
Let’s take a look at the current four cheapest electricity suppliers in the UK offering variable tariffs:
|Bulb Energy||Simple Energy||£692.626|
|Orbit Energy||5% OFF 4 LIFE||£645.532|
|Outfox The Market||One Green Flex||£640.21|
|Together Energy||Green Together Smart Sun ExcVar||£548.30|
*(Annual cost is based on an average of 2,900 kWh of electricity being used per year.)
Let’s take a look at the current four cheapest gas suppliers in the UK offering variable tariffs:
|Bulb Energy||Simple Energy||£581.974|
|Together Energy||Green Together Smart Sun ExcVar||£502.91|
|Orbit Energy||5% OFF 4 LIFE||£485.984|
|Outfox The Market||One Green Flex||£456.97|
*(Annual cost is based on an average of 12,000 kWh of gas usage per year.)
If you are looking for fixed rate tariffs which lock the cost of energy over a fixed period of time, these are the 3 cheapest energy rates currently available in the UK for a fixed contract at the time of writing:
|So Energy||So Cherry||£992.95|
|E.ON Next||Next Online||£633.727|
|EDF Energy||Easy Online||£607.917|
|So Energy||So Cherry||£1,204.17|
|E.ON Next||Next Online||£493.150|
|EDF Energy||Easy Online||£443.496|
As with variable rates, these fixed rates are based on an assumption of an average gas and electricity amount and are dependent on your location, needs and circumstances as to what is available to you.
It is also important to consider the general cheapest energy suppliers across the UK, and those in your general area. It’s a lot to consider but the great thing is that you have so much choice and there is probably at least one better option for you, than the energy supply and tariff you have set up already.
The next step is to discover your energy plan and supplier and then find out your average usage which is usually on your bills, or you can compare your metre readings. You can then compare the cheapest energy suppliers and shop around for the best rates. By being savvy with usage and energy providers, you can get through this energy price hike with minimal impact.